Adani Power Q3 loss widens to ₹1,288 cr

AHMEDABAD: Adani Power Ltd on Wednesday said consolidated loss for the quarter ended 31 December widened to ₹1,288 crore from ₹670 crore a year ago.

Consolidated revenue fell to ₹4,916 crore in the third quarter of fiscal year 2017-18 from ₹5,491 crore in the same period a year earlier, the company said in a statement.

“We expect to receive coal linkages under the SHAKTI scheme for the Tiroda and Kawai plants in the near future, which will help reduce fuel costs and improve profitability of these projects. Under-recovery of fuel costs for Mundra project have impacted its financial viability, and we are in dialogue with key stakeholders for an early solution,” Adani Power chairman Gautam Adani said in the statement.

The average plant load factor (PLF) in the December quarter was 58%, against 69% in the yearearlier period. The lower PLF was a result of lower domestic coal availability at Tiroda and Kawai and a forced outage at Udupi, as well as scheduled maintenance, Adani Power said.

The company’s board also approved the setting up of a 1,600 megawatt (MW) thermal power project at Godda, Jharkhand, by its subsidiary company Adani Power (Jharkhand) Ltd, at an estimated project cost of approximately ₹13,450 crore.

The project is expected to achieve commercial operation by May 2022, and supply power to the Bangladesh Power Development Board under a power purchase agreement (PPA) for net capacity of 1,496MW for 25 years. All major statutory clearances have been obtained for the project, it said.

Adani Power is India’s largest private sector power producer, with an operating capacity of 10,440MW.